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Tips for First Time Home Buyers in India

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joshiThe market of residential projects in Kolkata has grown at a faster pace over the past decade. With easy availability of funds and high disposable income, the number of first time homebuyers has increased over the past decades. Here are 10 must follow tips for first time home buyers in India:1. Financial planning – Owning a house is one of the biggest milestones in life. It gives you a social status, inculcates a sense of responsibility and incurs better returns on your investment.2. Affordability – Assess the cost for several home related aspects beforehand, which may include furnishings, interiors, and many more.3. Location – Choosing an appropriate location is the primary factor in purchasing a housing unit for the first-time home buyers. Being a long-term investment, the location of your home would matter for a very big part of your life.4. Scalability – Being an earliest and long-term investment of your life, you must ensure the scalability alternatives while buying a house. That means you should plan the accommodation of the potential number of family members in your house well in advance.5. Documentation – Keep all the property related documents prepared. Get a legal assistance to cross check if the documents are in place and whether they can be modified as per your requirements and concerns if required.6. Future goals – If you are planning on expanding your family, investing in a bigger accommodation, with good school and parks in the proximity would be an essential consideration.7. Payment Plan – It is always suggested to check with the builder whether your potential first time property is based on construction-linked payment plan or a time-linked payment plan. 8. Maintenance by the developer – Ensure that the developer has received an Occupancy Certificate (O.C.) by the local authority that would confirm the handover of the house by the first-time home buyer. A developer is responsible for the maintenance of the property from the date of receiving the certificate to the next 18 months. Maintenance includes security, cleaning, payment of electricity bills for common areas, property tax, repairs, etc.9. Allotment Letter & Sale Deed – After making the initial payment of the property , you will receive an allotment letter that includes the details about the allotted home like house number, area, payment details, extra charges levied such as car parking, maintenance charges, club membership and many more. While sale deed is one of the most important legal document governed by the Registration Act both the buyer and the seller. They are signed by both the parties, when both the parties agree to comply with the terms and conditions. 10. Credibility of the Builder – Check on the past projects history of the developer, quality of their construction, rate of construction, current demand in market and number of future projects.Residential projects like Joyville by Shapoorji Pallonji, offer flats in Howrah are one of the most preferred properties by first time home buyers in Kolkata.

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